A trust differs from a will in many respects. Here are a few of the differences:
A trust can exist and hold assets while you are alive and can continue to hold assets long after your death. This is why many people refer to the trust as a living trust. A will is only in effect at your death and the estate holds the assets for only a short time thereafter.
You can place your assets into a trust during your lifetime and direct that the assets remain in the trust for the benefit of your heirs long after your death. In a will, after your die, your assets are administered through the will to be passed through to your heirs or to a trust created by the will.
Assets passing through a will must be probated, which is a public record, whereas assets held in trust are not probated and the terms of the trust remain private.
When you contact Brunsdon Law Firm you can speak with Terri Brunsdon and our team of estate planning attorneys, to discuss reasons why a trust might be the right fit for your estate plan.
Not everyone will need a trust, but among the reasons for creating a trust are:
- Estate tax planning concerns
- Asset protection for minor children or children of a prior marriage
- Privacy concerns
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You can call Brunsdon Law Firm today at 330.374.1166 to arrange an appointment to discuss whether a trust is the right fit for your estate plan. You can also make an appointment by emailing [email protected]. To protect your confidentiality, please do not email any details that are specific to your matter.